I made this a few months ago for a friend that was having a baby shower. It was really easy and I wish I had made something like this for my son when he was younger because he would have loved it.
I used snuggle flannel and cut two square out and folded the edges over so that they were the exact same size and ironed them down. I folded the corners as if wrapping a present.
Then I folded a thick crunchy retail bag so that it was four layers thick and just slightly smaller than my two squares. I put it in the middle of the two outside pieces like a sandwich.
Then I took 9 pieces of ribbon and cut them about 6 inches long and melted the edges with a butane lighter so that they would not fray and pinned them in the sandwich so that the pins went through all the layers. Then I did a zig zag stitch all the way around to sew it together. Easy peasy.